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Feb 27, 2020 · Every part of the business, from finance to manufacturing and sales, has examples of descriptive analytics, some of which are included below. Accounting entries receivable and payable, working capital, inventory, and output are all included in business reports.
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What is descriptive analysis?
- What Is Descriptive Analytics?
- 5 Examples of Descriptive Analytics
- Using Data to Identify Relationships and Trends
Descriptive analyticsis the process of using current and historical data to identify trends and relationships. It’s sometimes called the simplest form of data analysis because it describes trends and relationships but doesn’t dig deeper. Descriptive analytics is relatively accessible and likely something your organization uses daily. Basic statisti...
1. Traffic and Engagement Reports
One example of descriptive analytics is reporting. If your organization tracks engagement in the form of social media analytics or web traffic, you’re already using descriptive analytics. These reports are created by taking raw data—generated when users interact with your website, advertisements, or social media content—and using it to compare current metrics to historical metrics and visualize trends. For example, you may be responsible for reporting on which media channels drive the most tr...
2. Financial Statement Analysis
Another example of descriptive analytics that may be familiar to you is financial statement analysis. Financial statementsare periodic reports that detail financial information about a business and, together, give a holistic view of a company’s financial health. There are several types of financial statements, including the balance sheet, income statement, cash flow statement, and statement of shareholders’ equity. Each caters to a specific audience and conveys different information about a c...
3. Demand Trends
Descriptive analytics can also be used to identify trends in customer preference and behavior and make assumptions about the demand for specific products or services. Streaming provider Netflix’s trend identification provides an excellent use casefor descriptive analytics. Netflix’s team—which has a track record of being heavily data-driven—gathers data on users’ in-platform behavior. They analyze this data to determine which TV series and movies are trending at any given time and list trendi...
“Never before has so much data about so many different things been collected and stored every second of every day,” says Harvard Business School Professor Jan Hammond in the online course Business Analytics. “In this world of big data, data literacy—the ability to analyze, interpret, and even question data—is an increasingly valuable skill.” Levera...
Jun 22, 2020 · In this short guide, we'll review the basics of descriptive analysis, including what exactly it is, what benefits it has, how to do it, as well as some types and examples.
Nov 8, 2023 · Descriptive analysis is one of the more straightforward data analysis methods used to describe an occurrence or provide overview details of an event by asking what happened to whom, where, and when. Descriptive analysis results can be displayed using a chart or graph for easier interpretation.
Jul 9, 2020 · There are 3 main types of descriptive statistics: The distribution concerns the frequency of each value. The central tendency concerns the averages of the values. The variability or dispersion concerns how spread out the values are.
- Descriptive statistics summarize the characteristics of a data set. Inferential statistics allow you to test a hypothesis or assess whether your da...
- The 3 main types of descriptive statistics concern the frequency distribution, central tendency, and variability of a dataset. Distribution refers...
- Univariate statistics summarize only one variable at a time. Bivariate statistics compare two variables . Multivariate statistics compare more tha...
Mar 25, 2024 · Examples of Descriptive Analytics. Examples of Descriptive Analytics are as follows: Retail Industry: A retail company might use descriptive analytics to analyze sales data from the past year. They could break down sales by month to identify any seasonality trends.
What is descriptive analytics? Descriptive analytics is one of the foundational aspects of data analytics that transforms raw data into easily understood patterns, trends, and insights. It’s a prime example of data aggregation that uses business intelligence and data science.
